As people grow older, they sometimes need help that requires them to move into a skilled nursing facility or hire in-home care. This can prove to be a significant burden on the person because these types of care aren't cheap. There are some ways that people can prepare for long-term care.
One option that some elderly people have is to file for Medicare. Medicare can help to cover the cost of some long-term care and short-term care options. There are specific criteria that must be met in order to qualify for Medicare for these types of care.
Some people may qualify for aid from the Veterans Administration. As is the case with many government programs, the criteria for these programs are strict. One criteria is that the person or the person's spouse must have served for at least 90 days of active duty and at least one day during a period of war.
Long-term care insurance is another possibility. In this case, you would pay for the insurance policy so that you can use the policy when needed. These policies can vary greatly, so vetting them out is necessary. Considering how the benefits compare to the premiums can help you choose a policy.
Some individuals may qualify for Medicaid. People who receive SSI may automatically qualify for Medicaid. One aspect that people should know about when it comes to Medicaid is that it is an income-based program. You have to meet eligibility requirements that include asset limits and similar points.
It is estimated that nursing home care can cost over $6,000 per month. That rate will vary; however, it shows how important proper planning is for long-term care needs. Learning your options might help you to discover how you can plan.
Source: Comfort Keepers, "Planning and Funding Care," accessed April. 03, 2015